VIRGINIA BEACH, Va. (March 2, 2020) – Good news for Virginians! The price for gas has closed the gap from last year. Today, the average price for gas in the Commonwealth is $2.21, which is a four cent drop from last week and only a one cent difference from last year. In Hampton Roads, gas prices are even lower with the current average at $2.16 which is eight cents less than last month. Gas prices have not been cheaper year-over-year since before Thanksgiving last November.
“Gas prices pushed cheaper year-over-year in the last 30 days, going from 22 cents to just one cent more expensive,” said Holly Dalby, spokesperson for AAA Tidewater Virginia. “However, maintenance season and the upcoming switchover to summer blend could break the downward trend in coming weeks.”
At the close of Friday’s formal trading session on the NYMEX, WTI decreased by $2.33 to settle at $44.76. Crude prices have not been this low since December 2018. The significant decrease in crude prices has been led by the growing impact of the coronavirus. The market continues to worry that the impact of the virus will lead to a reduction in global economic growth and global travel, with crude demand expected to decrease. Until it appears that the international public health threat from the virus decreases and China’s industrial sector recovers from the impact of the virus on production, crude prices are likely to continue facing downward pressure.
As part of North America’s largest motoring and leisure travel organization, AAA Tidewater Virginia provides its more than 330,000 members with travel, insurance, financial and automotive-related services. Since its founding AAA Tidewater Virginia has been a leader and advocate for the safety and security of all travelers. For more information, visit AAA.com and follow us on Twitter at Twitter.com/AAATidewaterVA or Facebook at facebook.com/AAATidewaterVirginia.